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Leases (Tables) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Schedule of Right-of-use Assets and Lease Liabilities | Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation. Devon’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The following table presents Devon’s right-of-use assets and lease liabilities.
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | Finance |  |  | Operating |  |  | Total |  |  | Finance |  |  | Operating |  |  | Total |
Right-of-use assets |  | $ | 211 |  |  | $ | 24 |  |  | $ | 235 |  |  | $ | 220 |  |  | $ | 3 |  |  | $ | 223 |
Lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current lease liabilities (1) |  | $ | 8 |  |  | $ | 18 |  |  | $ | 26 |  |  | $ | 8 |  |  | $ | 1 |  |  | $ | 9 |
Long-term lease liabilities |  |  | 247 |  |  |  | 5 |  |  |  | 252 |  |  |  | 244 |  |  |  | 2 |  |  |  | 246 |
Total lease liabilities |  | $ | 255 |  |  | $ | 23 |  |  | $ | 278 |  |  | $ | 252 |  |  | $ | 3 |  |  | $ | 255 |
(1) | Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
Schedule of Total Lease Cost | The following table presents Devon’s total lease cost.
|  |  | Year Ended December 31, |
|  |  | 2021 |  |  | 2020 |  |  | 2019 |
Operating lease cost | Property and equipment; LOE; G&A |  | $ | 25 |  |  | $ | 10 |  |  | $ | 40 |
Short-term lease cost (1) | Property and equipment; LOE; G&A |  |  | 89 |  |  |  | 45 |  |  |  | 84 |
Financing lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | DD&A |  |  | 8 |  |  |  | 8 |  |  |  | 8 |
Interest on lease liabilities | Net financing costs |  |  | 11 |  |  |  | 11 |  |  |  | 10 |
Variable lease cost | G&A |  |  | (4 | ) |  |  | — |  |  |  | 2 |
Lease income | G&A |  |  | (8 | ) |  |  | (8 | ) |  |  | (5 | )
Net lease cost |  |  | $ | 121 |  |  | $ | 66 |  |  | $ | 139 |
(1) | Short-term lease cost excludes leases with terms of one month or less.
Schedule of Additional Lease Information | The following table presents Devon’s additional lease information.
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
|  | Finance |  |  | Operating |  |  | Finance |  |  | Operating |
Cash outflows for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows |  | $ | 7 |  |  | $ | 15 |  |  | $ | 7 |  |  | $ | 2 |
Investing cash flows |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | 8 |
Right-of-use assets obtained in exchange for new lease liabilities |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Weighted average remaining lease term (years) |  |  | 6.0 |  |  |  | 1.5 |  |  |  | 7.0 |  |  |  | 4.1 |
Weighted average discount rate |  |  | 4.2 | % |  |  | 1.3 | % |  |  | 4.2 | % |  |  | 2.9 | %
Maturities of Lease Liabilities | The following table presents Devon’s maturity analysis as of December 31, 2021 for leases expiring in each of the next 5 years and thereafter.
|  | Finance |  |  | Operating |  |  | Total |
2022 |  | $ | 8 |  |  | $ | 17 |  |  | $ | 25 |
2023 |  |  | 8 |  |  |  | 4 |  |  |  | 12 |
2024 |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
2025 |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
2026 |  |  | 8 |  |  |  | — |  |  |  | 8 |
Thereafter |  |  | 281 |  |  |  | — |  |  |  | 281 |
Total lease payments |  |  | 321 |  |  |  | 23 |  |  |  | 344 |
Less: interest |  |  | (66 | ) |  |  | — |  |  |  | (66 | )
Present value of lease liabilities |  | $ | 255 |  |  | $ | 23 |  |  | $ | 278 |
Schedule of Expected Lease Income | Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of December 31, 2021 for each of the next 5 years and thereafter.
|  | Operating |
|  | Lease Income |
2022 |  | $ | 8 |
2023 |  |  | 9 |
2024 |  |  | 10 |
2025 |  |  | 10 |
2026 |  |  | 10 |
Thereafter |  |  | 58 |
Total |  | $ | 105 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
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